BrightSpire Capital, Inc. - BRSP STOCK NEWS

Fortress Investment Group has completed transactions with DigitalBridge Group (NYSE: DBRG) and BrightSpire Capital (NYSE: BRSP) totaling approximately $730 million. These transactions include Fortress becoming the General Partner to DigitalBridge's DCVR series of funds, managing about $2.7 billion in assets. Additionally, Fortress acquired five development assets from BrightSpire for $223 million. The deals aim to streamline DigitalBridge's remaining assets and support BrightSpire’s portfolio rotation.

BrightSpire Capital (NYSE: BRSP) announced the completion of a sale involving 5 historical development and/or non-accrual assets to Fortress Investment Group for $223 million. The net proceeds received by the company were approximately $198 million. This transaction simplifies BrightSpire’s portfolio and resolves several legacy assets, enhancing its focus on senior mortgages. The sale aligns with the company’s goal to preserve book value, achieving proceeds in line with the assets' GAAP book value as of March 31, 2021.

BrightSpire Capital (NYSE: BRSP) appointed Catherine Long as an independent director to its Board, effective December 1, 2021. Long brings over 30 years of experience in the real estate investment trust (REIT) sector, previously serving as CFO at STORE Capital (NYSE: STOR). Her expertise in accounting and finance aims to enhance the board's strategic direction. Following this addition, the Board now consists of 7 members, 6 of whom are independent, highlighting a commitment to diversified governance.

DigitalBridge Group reported strong third-quarter results for 2021, with total revenues reaching $252 million and a net income of $41 million or $0.08 per share. Core FFO was $2.0 million and AFFO amounted to $0.7 million. The company highlighted significant progress, having rotated $70 billion AUM in under three years, and achieved $8.1 billion in commitments for its second flagship fund, surpassing its target by 35%. DigitalBridge has nearly 100% of its AUM in digital assets, with revenue growth driven by an expanding digital portfolio and reduced corporate debt.

BrightSpire Capital (NYSE: BRSP) announced its Q3 2021 financial results, reporting a GAAP net loss of $(70.1) million, or $(0.54) per share. The Adjusted Distributable Earnings were $35.0 million, translating to $0.26 per share. The company declared a fourth-quarter dividend of $0.18 per share, up from $0.16, marking three consecutive quarterly increases. During this quarter, BrightSpire deployed $519 million into new loans, bringing its total loans since Q4 2020 to $2.1 billion. Additionally, a significant write-down of $98 million was recorded for a mezzanine loan linked to the L.A. Mixed-Use Project.

BrightSpire Capital (NYSE: BRSP) has appointed Kim S. Diamond as an independent director, effective October 13, 2021. The board now consists of six directors, five of whom are independent. Ms. Diamond brings over 30 years of experience in commercial real estate and structured finance, previously serving as a founding executive at Kroll Bond Rating Agency and managing director at Standard & Poor’s. Her expertise is expected to enhance the company's strategic direction and risk management.

BrightSpire Capital, Inc. (NYSE: BRSP) will release its third quarter 2021 financial results on November 3, 2021, before the market opens. A conference call will follow at 7:00 a.m. PT / 10:00 a.m. ET to discuss the results. To participate, dial (877) 407-0784 or international callers can reach (201) 689-8560. A webcast will also be available on the company’s website and accessible for 90 days. A replay will start at 10:00 a.m. PT on the same day through November 10, 2021.

BrightSpire Capital (NYSE: BRSP) announced its senior management team's participation in virtual meetings with investors at the Bank of America Merrill Lynch 2021 Global Real Estate Virtual Conference on September 21-22, 2021. This event aims to enhance investor engagement and provide insights into BrightSpire's strategy in commercial real estate credit investments. As one of the largest publicly traded CRE credit REITs, BrightSpire focuses on diversified debt investments and net leased properties, primarily within the United States.

BrightSpire Capital (NYSE: BRSP) has announced a secondary offering of 8,250,000 shares of Class A common stock at $9.00 per share, facilitated by a selling stockholder affiliated with DigitalBridge Group. The offering is expected to close on August 13, 2021, pending customary conditions. BrightSpire will not receive any proceeds from this sale as it hasn't offered shares. DigitalBridge has provided underwriters with a 30-day option to purchase an additional 1,237,500 shares. The offering is conducted under an effective shelf registration statement.